Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and I&P have made significant investments in Zeepay Ghana, a rapidly expanding payment infrastructure provider operating in over 20 countries worldwide.

The investment will support Zeepay's expansion efforts across Africa and the Caribbean. Verdant Capital Hybrid Fund has contributed a $3 million preferred equity investment, marking its fourth investment in just over two years.

Kwabena Appenteng, Director at Verdant Capital, expressed enthusiasm about Zeepay's prospects, noting its combination of strong currency earnings from its remittance business and growth potential across the continent. He highlighted the company's early profitability and continued strong financial performance despite expanding its operations and revenue sources.

Raza Hasnani, Managing Director and Head of Infrastructure Investments at Africa50, commented on the strategic importance of partnering with Zeepay, recognizing its pivotal role in enhancing digital payment infrastructure in Africa. He emphasized the critical role of remittances as a lifeline for many African economies with large diaspora communities, praising Zeepay's effective, secure, and affordable money transfer solutions.

The Zeepay Team

Samuel Kibiri, Equity Officer for Africa at Oikocredit, shared his enthusiasm for partnering with Zeepay, underscoring the importance of remittances in financial inclusion. He noted Zeepay's digital wallets' role in improving transparency, cost, convenience, speed, and safety for users.

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Zeepay, a leading non-telecom Mobile Money Operator in Africa by balance sheet and revenue, has been pivotal in the instant settlement of remittances into mobile money wallets in Africa and the Caribbean since its inception in 2014. Last year alone, Zeepay processed over 10 million transactions worth more than $3 billion.

The company holds Mobile Money Licenses in six countries: Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados, and terminates remittances into mobile money wallets across all networks.

Andrew Takyi-Appiah, Managing Director of Zeepay, expressed gratitude towards all stakeholders for their support in closing this funding round. He emphasized that the investment would significantly aid Zeepay's ambitious expansion plans to extend mobile money services to at least 10 countries within the next two years, in partnership with MoneyGram.

Zeepay currently employs over 200 staff with offices spread across Africa, Europe, and the Caribbean.